Europe's central bank faces credibility test

Press quote (The Wall Street Journal)
Philip Whyte
02 July 2011

"The ECB has been flexing its muscles" after being "very much on the back foot last year," said Philip Whyte, an analyst at the London-based Centre for European Reform. Still, "the threat the ECB is wielding (to reject Greek bonds) is a threat you might say it can never actually carry through given the consequences it would unleash."